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HUM

Cigna has decided not to pursue a merger with Humana after the two companies were unable to agree on terms, according to The Wall Street Journal citing sources.

Portfolio Pulse from Charles Gross

December 10, 2023 | 5:36 pm

ACRHF

CCHWF

CNPOF

CRLBF

CURLF

GDNSF

GTBIF

ITHUF

MMNFF

The NY Supreme Court has lifted an injunction, allowing six medical marijuana companies to sell recreational cannabis starting Dec. 29. The companies include Columbia Care (CCHWF), Curaleaf (CURLF), Etain (owned by Riv Capital CNPOF), NYCANNA (owned by Acreage Holdings ACRHF), PharmaCann, and Valley Agriceuticals (owned by Cresco Labs CRLBF). Four other companies are eligible to apply for the recreational market, including Citiva Medical (owned by iAnthus Capital Holdings ITHUF), Fiorello Pharmaceuticals (owned by Green Thumb Industries GTBIF), MedMen (MMNFF), and Vireo Health (doing business as Goodness Growth Holdings, listed as GDNSF).

Portfolio Pulse from Maureen Meehan

December 10, 2023 | 4:32 pm

BTCUSD

MSTR

Crypto analyst Willy Woo discussed the bull and bear cases for Bitcoin, citing a recent 23% rally and year-to-date gains of 164%. Bullish factors include lower rates, a peaking U.S. dollar index, potential approval of a Spot Bitcoin ETF, and strong demand from companies like MicroStrategy. Bearish indicators involve technical patterns, Bitcoin returning to exchanges, a CME gap, reduced futures demand, and potential for long position liquidations. The SEC has a window until Jan. 10, 2024, to approve the Spot Bitcoin ETF, with 13 applicants in line. Other context includes Peter Schiff's comments on gold, expectations for Fed rates, the U.S. dollar index's performance, and CoinGlass data on Bitcoin liquidations.

Portfolio Pulse from Khyathi Dalal

December 10, 2023 | 3:11 pm

SOLUSD

Solana-based liquid staking protocol JITO saw a trading volume of $1.1 billion on its first day of trade after Bitget listed the JITO token. The token's value increased by 43% to $3.36. JITO airdropped governance tokens to users, with a total supply capped at 1 billion and 115 million in circulation. The protocol has over 6.4 million SOL staked, worth around $460 million. The Solana ecosystem is experiencing growth due to recent developments, although SOL's price dropped by 4.90% with a 31.55% decline in trading volume.

Portfolio Pulse from Khyathi Dalal

December 10, 2023 | 2:10 pm

NKTX

Nkarta, Inc. (NASDAQ:NKTX) presented follow-up data from its Phase 1 clinical trial of NKX101 at the 2023 ASH Meeting. NKX101 is an engineered NK cell therapy for patients with relapsed or refractory acute myeloid leukemia (r/r AML).

Portfolio Pulse from Charles Gross

December 10, 2023 | 12:29 pm

SPY

Former Treasury Secretary Larry Summers advised the Federal Reserve to be cautious and deliberate ahead of their monetary policy meeting, as he sees no 'overwhelming evidence' supporting rate cuts. He commented on the robust November non-farm payrolls report, which exceeded expectations, and warned against declaring victory over inflation prematurely. Financial markets have rallied with the S&P 500 reaching yearly highs, partly due to expectations of Fed rate easing in 2024. The Fed is expected to maintain interest rates with a high probability of a pause at 5.25% to 5.50%.

Portfolio Pulse from Shanthi Rexaline

December 09, 2023 | 10:52 pm

AAPL

Apple Inc. is undergoing a leadership reshuffle with the departure of Tang Tan, the vice president of product design, who was instrumental in the design of the iPhone and Apple Watch. Tan's responsibilities are being redistributed within the hardware engineering team, with deputies like Richard Dinh and Kate Bergeron taking on expanded roles. Matthew Costello will take over Tan's duties related to accessories and the acoustics team. This change occurs as Apple continues to face a competitive tech landscape and prepares for future challenges. AAPL shares saw a slight increase on Friday and after hours.

Portfolio Pulse from Nabaparna Bhattacharya

December 09, 2023 | 8:38 pm

GLPG

Galapagos NV (NASDAQ:GLPG) will present new clinical data from Phase 1/2 CD19 CAR-T studies at the ASH Annual Meeting. The studies, EUPLAGIA-1 with GLPG5201 and ATALANTA-1 with GLPG5101, target patients with relapsed/refractory chronic lymphocytic leukemia and non-Hodgkin lymphoma. The data will highlight the potential of a decentralized approach to CAR-T manufacturing and its impact on severe hematologic cancers.

Portfolio Pulse from Charles Gross

December 09, 2023 | 8:13 pm

TSLA

Bernstein analyst Toni Sacconaghi has recommended shorting Tesla (TSLA), with a price target of $150, citing potential faltering EV demand and increased competition, particularly from Chinese rivals. Tesla CEO Elon Musk responded to a Tesla enthusiast's criticism of Sacconaghi's track record by suggesting the analyst's negative view could be a strong contra-indicator. Tesla's aggressive pricing strategy has led to a decline in auto gross margins, and the company has not provided guidance on near-term margin trajectory. The recent launch of the Cybertruck and the full-self driving software face challenges including regulatory scrutiny and market skepticism.

Portfolio Pulse from Shanthi Rexaline

December 09, 2023 | 7:43 pm

RH's stock price plummeted after reporting disappointing Q3 results, with analysts from Telsey Advisory Group, Morgan Stanley, and KeyBanc Capital Markets providing insights. Telsey lowered its price target due to a lack of clarity on near-term trajectory, citing the difficult housing market and lack of new products and marketing. Morgan Stanley cut its price target, noting reduced EBIT margin guidance and delayed revenue inflection. KeyBanc maintained its rating, mentioning pressure from a softer demand environment but expecting demand trends to improve in 1H24.

Portfolio Pulse from Priya Nigam

December 09, 2023 | 5:48 pm